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Eaton Posts 35% Jump in Net,
Cuts View on Dim Sales Outlook

By

Jennifer Hoyt

Updated July 15, 2008 8:13 a.m. ET

Industrial manufacturer Eaton Corp.'s second-quarter net income rose 35%, as the company hit records for quarterly per-share earnings and revenue, but cut its forecast for the year amid a more pessimistic sales-growth outlook.

The company now sees 2008 earnings of $7.70 to $8 a share, down from its April forecast of $7.80 to $8.30 a share. Analysts' latest mean estimate was for earnings of $7.85 a share. Eaton also lowered its sales...